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Real Estate ownership has taken on many new forms over the years. These include condominiums, homeowners associations, cooperatives, and timeshares. It is estimated that one out of eight households in the U.S. are part of common interest realty associations (CIRAs).
Members of CIRAs are in many ways like the shareholders of a public company. They share in the risks of partnering with other owners in the operations of the CIRA, and the goodwill of the CIRA impacts the financial well-being of the CIRA members.
A major function of a CIRA is to maintain and preserve the common property, and to decide on a method for funding the cost of future major repairs and replacements. Since that funding usually is accomplished by assessing owners, it is important that they have access to financial data that is meaningful and relevant.
Raisa Pakanati, CPA, MBA has set itself apart from other CPA firms by becoming experts in the area of CIRAs. The unique rules of accounting and reporting for the operations and financial position of the CIRA require expertise that is sometimes not well understood by CPAs unfamiliar with the industry. The ways in which common areas, reserve funds, special assessments, and operations are accounted for and reported pose unique challenges. The staff at Raisa Pakanati, CPA, MBA is formally trained and educated as to the specific accounting requirements of this industry.
We offer a broad range of services including:
- Audit, review, compilations, and agreed-upon procedures.
- Review of internal control systems.
- Quarterly and annual financial reporting.
- Tax planning and tax return preparation.
- IRS representation during tax audits.
- Assistance in annual and long term budget process.
- Income and expense projections.
- Management turnover special procedures.
- Developer turnover review and audit.
- Assistance in hiring effective property managers and accounting personnel.
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